UK-based insurtech company Ripe has completed its acquisition of boat insurance specialist GJW Direct from Munich Re Specialty.
Financial details of the deal, initially announced in October 2024, remain undisclosed.
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Set up in 1826, GJW Direct is known for its non-commercial marine insurance offerings covering an array of boats.
Ripe believes that its technological capabilities and marketing expertise will help GJW Direct, paving the way to “future growth”.
GJW Direct’s insurance products have been integrated into Ripe’s proprietary technology platform, Juice.
Ripe CEO Alan Thomas said: “Our proprietary platform will enhance the customer experience for GJW Direct policyholders while preserving the brand’s trusted reputation. We are thrilled to welcome GJW Direct policyholders to Ripe.”
Munich Re Specialty – global markets UK managing director Danielle Champion said: “GJW Direct has been a valued part of Munich Re Specialty for over two decades. This is a great next step for the brand, and we wish Ripe every success as they move forward in driving the future growth of GJW Direct. I would like to thank the customers of GJW Direct for their trust and continuous support during Munich Re Specialty’s ownership of this prestigious brand.
“Munich Re Specialty’s decision to sell GJW Direct was driven by a reflection on our strategic goals and plans for the next stage of our own growth. Our Specialty strategy in the UK regional market will continue to advance in the coming years and we are excited to progress our offering of specialty solutions for today’s dynamic challenges.”
The deal is set to boost Ripe’s boat insurance market share, adding to its existing portfolio that includes Insure4Boats and Craftinsure, the latter having been acquired by Ripe in 2023.
